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8:30 am - 9:30 am CST
July 30, 2024
Bruce McCarl, Texas A&M University
"Climate Change - What Do We Do About It? Economic Issues in Considering Agricultural Adaptation and Mitigation"
Today we see nearly daily news coverage of climate change issues and many journals publish a lot of climate change related content. Numerous studies have shown there are substantial agricultural vulnerabilities to climate change and this coupled with the prospects for more climate change virtually mandates that agriculture undertake adaptation actions to lessen vulnerabilities and/or exploit opportunities. Beyond that agriculture (broadly defined to include the forest sector) is the estimated source of around 10% of US greenhouse gas emissions and about 25% of global ones. These emission shares make agriculture into one of the key sectors for possible mitigation action as we strive for “net-zero”. Collectively then, agriculture is the subject of both adaptation and mitigation policy deliberations. But in forming and evaluating policy, we must recognize that many characteristics of agricultural systems may well influence the types of policies that will work. In this talk, several economic aspects of agricultural adaptation and mitigation circumstances/possibilities will be covered that could well influence policy. Just as a preview, on the adaptation side, coverage will encompass: a) needed funds, b) observed adaptations, c) public versus private roles, d) imperfections, such as permanence, additionality, and maladaptation, and e) the inevitable need for adaptation. On the mitigation side, coverage will extend to: a) pay by ton or practice, b) transaction costs, c) permanence and additionality aspects of sequestration, d) targets of the Inflation Reduction Act of 2022 funds, and e) strategic mixes of mitigation opportunities. Finally, there will also be a discussion of funds allocation between adaptation and mitigation.
Bruce A. McCarl is a University Distinguished Professor of Agricultural Economics at Texas A&M University. He was trained in Management Science/Optimization Theory with degrees from the Colleges of Business at Pennsylvania State University and the University of Colorado. The main thrust of his work has addressed agricultural appraisal of the economic consequences of environmental outcomes and policy actions. His principal focus in the last 20 years has involved climate change effects, adaptation, and associated greenhouse gas mitigation. He has also worked on bioenergy, water, and agricultural policy. He is a fellow or lifetime awardee of the AAEA, WAEA, SAEA, and AAAS. He was a participant in the 2007 Nobel Peace Prize awarded to the IPCC.